U.S. House hearing on tokenization turns into spat over 'Trump family's crypto ties'

JH Kim

Summary

It reported that debate continued at a tokenization hearing held by the U.S. House Financial Services Committee over the Trump family's involvement in virtual asset (cryptocurrency) businesses.
Rep. Maxine Waters said the Trump family's involvement in virtual asset businesses is estimated to have generated about $1 billion in revenue.
It reported that the hearing formed a consensus that tokenization technology has become a reality, and that security tokens need the same regulation and investor-protection safeguards as traditional securities.

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As the U.S. House Financial Services Committee held a hearing on tokenization, debate continued over the involvement of President Trump's family in virtual asset (cryptocurrency) businesses.

According to crypto-focused media outlet CoinDesk on the 25th (local time), Rep. Maxine Waters (D) said, "Clear corruption has been revealed in the Trump family's involvement in virtual asset businesses," adding that "they are estimated to have earned about $1 billion in revenue."

Across the hearing, however, a consensus emerged that tokenization technology is becoming a reality rather than the future.

Many lawmakers also agreed that security tokens likewise need regulation and investor-protection safeguards at the same level as traditional securities.